Vellum Mortgage at a glance, 2025
Every figure is from the lender's own HMDA filing. "vs national" compares with all lenders combined.
How the A grade breaks down
Each component is a percentile rank among 581 mid-size mortgage lenders. Higher is better. Components the lender does not report are left out and the weights redistributed.
Approval oddsdecision denial rate, weight 45%
83rd3.4% deniedPricingmedian rate spread over APOR, weight 30%
61st0.20 ptsProcesswithdrawn + incomplete share, weight 15%
48th17.3%Closing coststotal loan costs ÷ loan amount, weight 10%
82nd1.47% of loanTrend, 2023–2025
| Year | Applications | Originated | Denial rate | Decision denial | Median rate | Volume |
|---|---|---|---|---|---|---|
| 2023 | 1,554 | 1,235 | 5.2% | 6.0% | 6.75% | $586M |
| 2024 | 1,865 | 1,501 | 1.8% | 2.2% | 6.63% | $749M |
| 2025 | 2,126 | 1,689 | 2.8% | 3.4% | 6.63% | $893M |
What Vellum Mortgage lends
Applications by purpose and loan type in 2025, with the denial rate for each. A lender's mix explains a lot of its headline rate: HELOCs and FHA loans are denied far more often than conventional purchase loans.
By loan purpose
By loan type
Also: 5 home-equity lines, 0 reverse mortgages, 3 manufactured homes, 177 investment properties.
Why Vellum Mortgage denies applications
Primary reason reported for each of the 59 denials in 2025. Lenders can cite up to four reasons; this is the first one listed.
Who gets approved at Vellum Mortgage
Decision denial rate by applicant profile. Groups with fewer than 20 applications are omitted.
| Applicant income | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under $50k | 23 | 14 | 12.5% |
| $50k – $100k | 369 | 289 | 6.8% |
| $100k – $150k | 555 | 445 | 3.9% |
| $150k – $250k | 660 | 517 | 1.7% |
| Over $250k | 454 | 382 | 1.5% |
| Applicant age | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under 25 | 80 | 60 | 4.8% |
| 25–34 | 653 | 530 | 2.2% |
| 35–44 | 708 | 574 | 3.7% |
| 45–54 | 372 | 299 | 4.2% |
| 55–64 | 213 | 149 | 4.4% |
| 65–74 | 75 | 57 | 1.7% |
| Over 74 | 25 | 20 | 4.8% |
Where Vellum Mortgage lends
19 states and 209 counties in 2025. Click a state for the lender's full record there.
| State | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| Maryland | 655 | 539 | 2.6% | 6.63% | #71 |
| California | 551 | 437 | 2.2% | 6.63% | #250 |
| Virginia | 489 | 393 | 3.3% | 6.62% | #114 |
| District of Columbia | 156 | 125 | 1.3% | 6.49% | #31 |
| Texas | 121 | 87 | 1.7% | 6.88% | #512 |
| Florida | 33 | 18 | 9.1% | 6.75% | #671 |
| West Virginia | 18 | 16 | 0.0% | 6.63% | #205 |
| Oregon | 17 | 10 | 17.7% | 7.06% | #311 |
| Tennessee | 13 | 10 | 0.0% | 6.75% | #594 |
| Georgia | 12 | 7 | 8.3% | 7.13% | #638 |
| Arizona | 11 | 9 | 9.1% | 6.75% | #493 |
| North Carolina | 10 | 8 | 0.0% | 6.56% | #623 |
| Pennsylvania | 10 | 6 | 0.0% | 6.56% | #696 |
| Delaware | 9 | 8 | 0.0% | 6.75% | #248 |
| South Carolina | 8 | 5 | 25.0% | 6.75% | #575 |
| New Jersey | 6 | 5 | 0.0% | 6.38% | #577 |
Frequently asked questions
Vellum Mortgage denied 3.4% of the applications it decided on in 2025. The national figure across all lenders was 22.6%. On approval odds it ranks in the 83rd percentile of mid-size mortgage lenders.
The most common reason Vellum Mortgage gave in 2025 was "credit history", cited on 30.5% of its denials. Lenders report up to four reasons per denial to the CFPB; the full breakdown is on this page.
The median interest rate on loans Vellum Mortgage originated in 2025 was 6.63%, and its median rate spread over the average prime offer rate was 0.20 points. Rates on this page are what borrowers actually got, not advertised rates.
In 2025, 81% of its applications were for home purchases, 19% for refinancing (including cash-out), and 1% for home improvement or other purposes. By loan type: 75% conventional, 16% FHA, 9% VA.
Every figure on this page comes from the Home Mortgage Disclosure Act (HMDA) Loan/Application Register published by the CFPB, which lenders are required by federal law to file. We add the grade and the comparisons; we do not add facts.